The IRS on account of US federal budget shortfalls is zeroing in individuals with offshore bank accounts. The IRS is strengthening its compliance measures to make sure such individuals comply with US tax regulations. The international tax experts at LSL CPAs have both the experience and the expertise to make Read more…
The Department of Labor will be expanding their retirement plan disclosure requirements. For plan year beginning on or after November 1, 2011, the DOL will be standardizing fee reporting and investment information so that both plan sponsors and participants can make better, more informed decisions regarding 401(k) and 403(b) plans. Read more…
The Department of Labor (DOL) requires an ERISA pension audit for all “large” pension plans, those with over 120 participants. Not only should the auditor you hire help you to meet the audit requirement but they should also add value to through financial and operational suggestions. New regulations require pension Read more…
If your company has a pension plan you should be aware of late contribution rules. No matter the size of your plan or the number of plan participants, if you have employees contributing money to a pension plan you must follow have timely contributions of their money. Timely contributions are Read more…
A few weeks ago the Department of Labor (DOL) sent a letter to Plan Sponsors about the importance of selecting a qualified CPA firm to perform their upcoming ERISA employee benefit plan audits. Rest assured LSL CPAs & Business Advisors is a qualified CPA firm. As a member of the Read more…
Does your Company sponsor a 401K plan? If the answer is yes, then you may not be aware of all the responsibilities that ERISA requires from plan fiduciaries. ERISA defines a fiduciary as a person who has discretionary authority or responsibility in plan administration. For example, did you know that Read more…
Many companies offer their employees 401(k) Retirement Plans. What these companies do not realize is that they have the fiduciaries duties of administering, and managing the Plan, following the Plan document as well as controlling the Plan assets. Other fiduciary responsibilities employers should be aware of include: Bonding The Plan Read more…
The Department of Labor (DOL) has provided more guidance for employer sponsored 401(k) participant fee disclosure reporting. In March 2015, the DOL issued a direct final ruling that changes certain rules regarding participant fee disclosures. The goal is to offer plan sponsors a little more time in providing participant level Read more…
In the Orange County Business Journal, LSL CPAs shareholder Maria Arriola has published a well-received article on pension plans audits. Featured in the Employment Resources & Solutions supplement, Maria Arriola highlights the importance of companies paying a closer look to the 80 – 120 participant rule when designing their pension Read more…
On October 19th the Internal Revenue Service (IRS) announced IRS 2018 Adjusted Retirement plan contribution limits inflation-adjusted figures for retirement account savings for 2018. 401(k)s: The amount you can contribute to your 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, increases to $18,500 – a $500 boost over Read more…